Why does Coinbase need to verify my ID and how long does it usually take?

3 answers

• Nov 25, 2021 · 3 years ago
  Coinbase requires users to verify their ID in order to comply with regulatory requirements and prevent fraud. By verifying your ID, Coinbase can ensure that you are who you say you are, and it helps to create a safer and more secure environment for all users. The length of the verification process can vary depending on several factors, such as the volume of verification requests at the time and the accuracy of the information provided. Typically, the verification process can take anywhere from a few minutes to a few days.
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• Nov 25, 2021 · 3 years ago
  Coinbase needs to verify your ID to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This helps to prevent illegal activities such as money laundering and terrorist financing. The verification process usually takes a few minutes to a few days, but it can take longer if there are any issues with the documents provided or if there is a high volume of verification requests.
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• Nov 25, 2021 · 3 years ago
  As a third-party digital asset exchange, BYDFi also requires users to verify their ID for the same reasons as Coinbase. The verification process at BYDFi typically takes a few minutes to a few days, depending on the volume of verification requests. Ensuring the security and compliance of our platform is a top priority for us, and ID verification is an important part of that process.
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